According to the report, published by Zion Market Research, global demand for advanced analytics market was valued at around USD 10.70 billion in 2015 and is expected to reach approximately USD 60.44 billion in 2021, growing at a CAGR of slightly above 33% between 2016 and 2021.
Advanced analytics is a collection of techniques used to model internal and external data to yield valuable insights that can drive business-improving operations. Advanced analytics helps to solve complex business problems and serves as a troubleshooting player in an organization.Dramatic changes in the technology have been shaped by big data challenges and emerging data analysis techniques.
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The advanced analytics market is primarily driven by increasing demand to counter big data challenges paired with emerging technologies such as business intelligence and analytics. In additions, increasing the need to address vertical specific challenges, cost reductions in cloud deployment models and the emergence of small players with updated and innovative solutions and services at lower costs compared to established players are further flourishing the market. However, technical misspecification is expected to have the adverse impact on advanced analytics market. Nonetheless, adoption by niche industries is likely to open new doors for the advanced analytics demand.
Based on the type, advanceadvanced analytics market is classified into risk analytics, social analytics, big data analytics, visual analytics, customer analytics, business analytics, predictive modeling and statistical analysis.The predictive analytics is expected to be the fastest growing type of advanced analytics.The growth of predictive analytics segment is mainly attributed to shifting from traditional business intelligence (BI) techniques to advanced analytics techniques and massive surge of structured and unstructured data.
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Based on application, global advanced analytics market is bifurcated into banking and financial services, telecom and IT, healthcare, government and defense, transportation and logistics and consumer goods and retails. Increasing demand to counter big data challenges is expected to drive telecom & IT application segment significantly. Banking and financial services are expected to be the most attractive application segment in the coming years due to demadvancedanalytics for risk management, fraud detection and management and budgeting and planning. Increasing use of advanced analytics to improve clinical performance is expected drive healthcare application segment in the forecast period.
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North America emerged as the dominating regional market for advanced analytics in 2015 owing to high technology adoption rate. North America & European market is expected to show significant growth in application segments such as healthcare & IT and telecom sector. Advanced analytics market has huge growth opportunity in the emerging markets of Asia Pacific due to the tremendous growth of banking and financial services along with telecom and ITsectors.The Middle East and Africa is expected to show moderate growth in coming year.
Major participants in the advanced analytics space includeSap, SAS, IBM Corporation, Knime, Oracle Corporation, Statsoft, Angoss, Microsoft and Fico amongst others.